Slick Talk: The Hospitality Podcast
Building Wealth Through Short-Term Rentals with Bill Faeth
Wed Jun 21 2023EntrepreneurshipParentingFinancial IndependencePlanningGoalsPersonal GrowthReal Estate
Description
The episode covers various topics including lessons from mothers, entrepreneurial spirit, parenting and financial independence, entrepreneurship journey, building an empire, short-term rentals and planning, importance of planning and intentionality, defining goals and making decisions, entrepreneurial journey and personal growth, and investing in passion and gratitude.
Insights
Independence and resourcefulness
Lessons from mothers include independence and resourcefulness.
Entrepreneurial spirit
The speaker's entrepreneurial spirit was sparked by a man named J. Jacoby who gave him t-shirts to sell.
Teaching children about responsibility
The host emphasizes the importance of teaching children about responsibility and consequences.
Financial independence
Presenting material possessions in a responsible way is important for children's financial independence.
Planning ahead
Planning ahead and being intentional about decision-making processes are crucial for success.
Defining retirement goals
Defining retirement requires specifics like retirement date, activities, required money, cash flow, and debt comfort level.
Entrepreneurial journey
The speaker went from making $300,000 to $400,000 a year to making seven figures in his 30s.
Open communication with spouse
Being open about financial struggles with spouse and discussing everything openly is important.
Support during tough times
Support from others during tough times, including giving money and helping recover financially during COVID-19.
Investing in passion
Investing in what you believe in and are passionate about is important.
Chapters
- Lessons from Mothers
- Entrepreneurial Spirit
- Parenting and Financial Independence
- Different Approaches to Parenting
- Entrepreneurship Journey
- Building an Empire
- Short-Term Rentals and Planning
- Importance of Planning and Intentionality
- Defining Goals and Making Decisions
- Entrepreneurial Journey and Personal Growth
- Investing in Passion and Gratitude
Summary
Transcript
Lessons from Mothers
00:00 - 06:44
- Independence and resourcefulness are important values learned from mothers.
- Bill Faith's mother taught him independence and financial management skills.
- Bill's mother involved him in the operations of a preschool she bought.
- Nathan discusses the misconception about Minute only detecting noise in a unit, while it actually allows users to import guest data and automate communication.
- Using automation to send guests a text message about noise often resolves the problem without further intervention.
Entrepreneurial Spirit
06:27 - 12:31
- The speaker credits his mother for teaching him independence and resourcefulness.
- A man named J. Jacoby sparked the speaker's entrepreneurial spirit by giving him t-shirts to sell.
- The speaker started selling pizzas at UCLA using the same concept.
Parenting and Financial Independence
12:03 - 18:25
- Safely.com helps property managers protect homes they manage and settle claims quickly.
- The host emphasizes the importance of teaching children about responsibility and consequences.
- Disciplining children and teaching them about money are important aspects of parenting.
- The host builds his daughters' credit scores by giving them credit cards.
- Presenting material possessions in a responsible way is important for children's financial independence.
Different Approaches to Parenting
18:00 - 24:11
- Different approaches to parenting include one parent paying for everything while the other requires their child to pay for their own expenses.
- The speaker offered his daughter $250,000 to work for him instead of going to college, but she wants to become a surgeon.
- The cost of college and potential debt are discussed.
- Encouraging daughters to minor in marketing or business alongside medical studies.
- Reflecting on experiences as a boss and how it has shaped parenting style.
Entrepreneurship Journey
23:50 - 30:24
- The speaker started an entrepreneurship journey with Bell Aqua Bikini's in 1993 after dropping out of UCLA and turning professional in golf.
- He stayed with a family during a golf tournament in South America who made swimwear and gave him some pieces to take home.
- He started an e-commerce platform selling bikinis, which eventually got bought out by a company called Venus One More.
- Offering separates for women's swimwear allowed customers to mix and match tops and bottoms.
- Building an e-commerce site in the past required significant time and money, but now it can be done quickly and affordably on platforms like Shopify.
Building an Empire
29:56 - 36:18
- The speaker built an empire of businesses in various industries, including restaurants, golf, and limos.
- Investing in different types of real estate, including commercial, industrial, and residential projects.
- Planning for the future is important and should align with personal life and business goals.
- Starting a restaurant business was the worst business the speaker was in.
- Speed is important for growth, but control must be maintained to sustain success.
Short-Term Rentals and Planning
35:48 - 42:32
- The speaker created a glow in the dark miniature golf course business with a $37 million revenue and 13-year run.
- Attending the SDR Wealth Conference had a significant impact on reshaping life intentions.
- Planning ahead and being intentional about decision-making processes are crucial for success.
- Identifying significant opportunities in life and focusing on them leads to better outcomes.
- Planning daily tasks and prioritizing them using Warren Buffett's method is important.
- Planning ahead on Fridays for the following week's activities and commitments is advocated.
Importance of Planning and Intentionality
42:03 - 48:05
- Planning is crucial for success and accountability.
- Every Friday, the speaker and his wife plan their week and future events.
- Auditing finances and personal life every week helps make better decisions.
- Focusing on iconic opportunities rather than getting overwhelmed by numerous opportunities is important.
- Aligning personal values with decision-making processes leads to better outcomes.
- Women's intuition and intentionality are key factors in making good choices.
Defining Goals and Making Decisions
47:45 - 54:19
- Being intentional and specific about what we want in life is crucial.
- Defining retirement requires specifics like retirement date, activities, required money, cash flow, and debt comfort level.
- Many people struggle with knowing what they truly want, leading to distractions and chasing after shiny objects.
- Having a plan with clear intentions provides clarity and helps make smarter decisions.
- As we age and gain wisdom, it becomes easier to clarify our goals and make better decisions.
Entrepreneurial Journey and Personal Growth
54:03 - 1:00:34
- The speaker went from making $300,000 to $400,000 a year to making seven figures in his 30s.
- Learning from a successful franchisee who owned half of Wichita and had a net worth of half a billion dollars.
- Starting an indoor glow-in-the-dark miniature golf business called Glow Range with the mentor's support.
- The mentor had a personal impact on the speaker as a father figure.
- Being open about financial struggles with spouse and discussing everything openly.
- Support from others during tough times, including giving money and helping recover financially during COVID-19.
Investing in Passion and Gratitude
1:00:16 - 1:03:45
- Passing along effort and receiving gratitude is a motivating feeling.
- Investing in what you believe in and are passionate about is important.
- Short-term rentals and real estate require passion and commitment.
- Connect with Bill Faith on Instagram, Facebook, or his website.
- Bill Faith is accessible and open to questions.